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FAIR VALUE MEASUREMENTS (Tables)

12 Months Ended

Dec. 31, 2022

Fair Value Disclosures [Abstract]

Schedule of Liabilities Measured on a Recurring Basis

The following tables set forth the Company’s liabilities that were measured at fair value on a recurring basis during the period, by level, within the fair value hierarchy for the periods ended December 31, 2022 and 2021 (in thousands):

			Fair Value Measurements Using:
December 31, 2022			Level 1						Level 2						Level 3						Total
Liabilities:
Founders advisory fees payable - related party			$	56,883					$	—					$	118,490					$	175,373
LaderaTech contingent earn-out included in other liabilities, non-current			—						—						7,273						7,273
Total liabilities			$	56,883					$	—					$	125,763					$	182,646
December 31, 2021
Liabilities:
Founders advisory fees payable - related party			$	114,276					$	—					$	251,513					$	365,789
LaderaTech contingent earn-out included in other liabilities, non-current			—						—						19,979						19,979
Total liabilities			$	114,276					$	—					$	271,492					$	385,768

Schedule Reconciliation of Level 3 Liabilities Measured on a Recurring Basis

A roll forward of Level 3 liabilities measured at fair value on a recurring basis is as follows (in thousands):

			Founders Advisory Fees Payable - Related Party						LaderaTech Contingent Earn-out
Predecessor
Balance, December 31, 2020			$	—					$	19,816
Settlements			—						(3,000)
Loss on contingent earn-out			—						2,965
Balance, November 8, 2021			$	—					$	19,781
Successor
Balance, November 9, 2021			$	188,204					$	19,781
Founders advisory fees - related party, change in fair value			63,309						—
Loss on contingent earn-out			—						198
Balance, December 31, 2021			251,513						19,979
Settlements			(40,776)						—
Reclassification from liability to equity			(10,495)						—
Founders advisory fees - related party, change in fair value			(81,752)						—
Gain on contingent earn-out			—						(12,706)
Balance, December 31, 2022			$	118,490					$	7,273

Schedule of Estimated Fair Value of Intangible Assets Acquired

The following table presents the estimated fair value assigned to identifiable intangible assets acquired in the Business Combination (in thousands):

			Estimated Fair Value						Estimated Useful Life (in years) (1)
Identifiable Intangible Assets:
Tradenames			$	101,000					20
Customer lists			761,000						20
Existing technology and patents			250,000						20
Total estimated fair value of intangible assets acquired			$	1,112,000

(1)Amortization of identifiable intangible assets is performed on a straight-line basis over the applicable useful life.

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Tabular disclosure of liabilities, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, by class that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3). Where the quoted price in an active market for the identical liability is not available, the Level 1 input is the quoted price of an identical liability when traded as an asset.

+ References

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 2
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Tabular disclosure of the fair value measurement of liabilities using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets), and gains or losses recognized in other comprehensive income (loss) and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs) by class of liability.

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Tabular disclosure of finite-lived intangible assets acquired as part of a business combination or through an asset purchase, by major class and in total, including the value of the asset acquired, any significant residual value (the expected value of the asset at the end of its useful life) and the weighted-average amortization period.

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